Ahmad Khodamipoor; Mostafa Deldar; Mohsen Choopani
Volume 10, Issue 38 , July 2013, , Pages 143-167
Abstract
If the information asymmetry exists، some investors have private and confidential information about companies more and better than other investors .Information asymmetry cause inefficient information flow which can influence company's future returns. This study investigates the impact of information ...
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If the information asymmetry exists، some investors have private and confidential information about companies more and better than other investors .Information asymmetry cause inefficient information flow which can influence company's future returns. This study investigates the impact of information asymmetry and the company's life cycle on future stock returns. With a sample of 670 firms - year regarding 67 companies listed in Tehran Stock Exchange during the period 1380-1389, we tested the hypothesis using multivariate linear regression model based on panel data. The findings of this study indicate that there is a significant negative relationship between information asymmetry and futures stock returns. In fact, with increasing asymmetry of information, future returns of stocks of companies decreased. Another result of study shows there is a significant positive relationship between year life cycle and future stock returns. In other words, with the increase in corporate life, the future stocks returns also increases.
A. Kbodamipour; R. Mahroomi
Volume 8, Issue 30 , July 2010, , Pages 79-98
Abstract
The purpose of this study is to investigate the existence of conservatism and its effect on value relevance of accounting information. The methodology of present study is quasi experimental. The statistical society includes companies accepted in Tehran Stock Exchange, and the time span of the study is ...
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The purpose of this study is to investigate the existence of conservatism and its effect on value relevance of accounting information. The methodology of present study is quasi experimental. The statistical society includes companies accepted in Tehran Stock Exchange, and the time span of the study is from the beginning of 2000 up to the end of 2008. The Basu Model was exploited for investigating and assessment of the extent of conservatism in sample companies and for the investigation of value relevance of accounting information, the present study made use of Easton & Harris Model. The results are indicative of the presence of conservatism. Furthermore it was observed that as we descend from companies with low conservatism to companies with medium conservatism, the value relevance of accounting information increases; although the mentioned increase is not perceptible, value relevance of accounting information decreases a great deal when moving from companies, medium in conservatism toward companies with high conservatism. Consequently there cannot be found a clear relevance between conservatism and value relevance of accounting information.
